Arsenal have announced a new five-year deal with Emirates worth £150 million.

The contract with the international airline, worth £30 million a year, includes shirt sponsorship until the end of the 2018/2019 season, as well as stadium naming rights until 2029.

The Emirates brand will also continue appearing on Arsenal's training kits, while the new deal contains a number of marketing rights which come into effect immediately.

The agreement is being hailed as the second biggest shirt sponsorship deal ever, behind Manchester United's seven-year agreement with Chevrolet - worth around £51 million per year, starting next season. However, with the Gunners deal comprising more than just shirt sponsorship, it is being seen by some as far less lucrative.

"This is an exciting day for Arsenal Football Club and all our supporters," chief executive Ivan Gazidis said. "This agreement is a testimony to Arsenal's approach and to the capabilities we have developed in recent years as well as the strength of our partnership with Emirates.

"The original deal with Emirates was a key facilitator of our move from Highbury and this next phase of our relationship will be just as critical to keep us at the top of the game in England and Europe.

"Emirates is the perfect partner for Arsenal and we are delighted to have agreed a new partnership. Emirates is a world-class brand and by flying to more than 120 destinations across six continents has a truly global reach.

"This reach will play an important role in our own ambitions to further extend the depth of our following around the world. The fact this partnership will continue for many years to come underlines how much both organisations value and benefit from the relationship."

Arsenal signed an initial £100 million sponsorship deal with Emirates in 2004, providing the airline with naming rights to the stadium until 2021 and shirt sponsorship for eight years, both beginning in the 2006/07 season.

The north London club are reportedly lining up a new bumper deal with Adidas to supply their kits, which would also see a vast improvement on their current deal with Nike.